When we start our businesses, most providers are optimistic about their new business. We have all these great ideas of what we want to do. How we want to care for, teach and inspire young learners. Most of us don’t think about failing. That’s just not in the forefront of our minds. Understandably, we are concentrated on the positive and building our business to succeed. Well, today I want to address something most providers want to avoid. I want to share a few things which could cause our businesses to fail. Then I will also give some tips to sidestep these business killers so you can flourish and grow your business on solid ground. Reasons Why Almost All New Providers Fail
Reasons Why Almost All New Providers Fail
Top 3 Reasons Why Almost All New Providers Fail And How You Can Avoid Them
Not surprisingly, many providers start their business without a contract. Since many of us start with one client, a contract just doesn’t seem to be that necessary. The problem is often times we continue without a contract until one day when we wish we had one. A parent is all but demanding this consideration or that consideration. Whether it’s longer hours or an extension on the terms of payment. Then is when we regret not putting the details of our services in a binding contract. Reasons Why Almost All New Providers Fail
Skip the regret!
Do yourself a favor and skip the regret. Starting with even a basic contract can help to avoid so many conflicts and misunderstandings. Even though it won’t alleviate every issue, it will tackle more than a few and at the same time give your business credibility. Reasons Why Almost All New Providers Fail
Most likely you will need to make additions or clarifications over time. But just like your business, your contract should grow and develop too.
I will admit only a few years into my childcare journey I was burned out. Parents were running rickshaw over me and taking advantage at every turn. I was working alone and even going to the bathroom at times seemed impossible. Not to mention the long days and constant intrusion of my time from parents.
I WAS DONE!
Instead of walking away from the business I had worked so hard to build, I decided to make some changes. I developed a handbook full of policies and procedures. I hired an assistant and went to the bathroom whenever I wanted. And I created strict hours of operation and maximum attendance.
Don’t be afraid to make a change!
Many providers face burnout during the course of their journey. Most of us can recover if we take the time to make changes. You are the boss so you get to decide when to make a change in the way your business is run. If something isn’t working, CHANGE IT! Reasons Why Almost All New Providers Fail
Another thing that can kill your passion is not planning for the future. In particular, not planning for a dip in your enrollment, income and the need to rebuild. I talked about the first time I experienced a mass exodus here.
The thing is a childcare is a growing thing. As soon as you have a good enrollment, some of the children begin to leave. Either they go on to preschools, age out of your program or move. There always seems to be someone leaving. The challenge is to be sure there is always someone coming too.
It can be daunting at times to constantly be marketing and searching for clients, but that’s what most businesses are faced with. The key is to build it into your usual routine.